NEW YORK (CNN/Money) -
It would be interesting to anticipate the series of Federal Reserve speakers this week -- from the Chief, Alan Greenspan, to the vice-chair, Roger Ferguson, to Dallas Fed head Bob McTeer (also slated to appear live on Money Morning at 8:30 am ET on Thursday), and more -- if it were not for the fact that we can pretty much guess exactly what they are going to say.
Yes, the economy hit a "soft patch" but it has regained "traction." Yes, the consumer may not be spending gangbusters, but the manufacturing sector is chugging along and all that inventory building that's going on will get sold to somebody. And of course, the fed funds rate is still "accommodative," in other words "too low" and must be raised steadily.
Yawn.
The only excitement would be ... One: if some of them are more worried about the consumer; after all, Wal-Mart says sales are up just 2.3% in the latest month and that ain't so hot.
Or ... Two, if some of them say inflation pressures are making them nervous, indicating perhaps somewhat more aggressive rate action from the Fed.
The biggest hope for some econo-excitment is the jobs report on Friday. Likewise, a much weaker or stronger than expected report that could shift Fed rate hike expectations -- or tilt the election buzz -- is what it would take to create some fireworks.
Kathleen Hays anchors CNN Money Morning and The FlipSide, airing Monday to Friday on CNNfn. As part of CNN's Business News team, she also contributes to Lou Dobbs Tonight.
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